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Analysis and Comment (6)

Marijuana is legal in some states, but that doesn’t mean that banks can deal with the proceeds. Rick Wilking/Reuters

Why won’t banks dance with Mary Jane?

In nearly half of US states, marijuana business is booming. Although marijuana is illegal under federal law, 23 states have legalized some marijuana use. Colorado and Washington even allow recreational…
The dark side of sunny Cyprus: money laundering and lax enforcement of tax law has made the country a hotspot for wealthy Russians.

Cyprus avoids a bad haircut, but pays a price for shady finance

In a surprise move that shocked investors and commentators alike, the Republic of Cyprus announced plans last weekend to impose a levy on bank deposits. However, Cyprus’ prime minister, Nicos Anastasiades…
Banks behaving badly: ensuring banks' sustainability reports are accurate and credible will go some way in restoring public confidence. AAP

To be good corporate citizens, banks must improve their sustainability reporting

“Events over the past couple of years have raised profound questions about the ways in which banks and businesses contribute to society. For both to play their full part, they must restore trust and become…
HSBC chief executive officer Irene Dorner testifies before the US Senate about allegations of money laundering within HSBC. AAP

HSBC’s money laundering scandal is more than just risky business practice

Recent news that HSBC executives admitted to allowing Iran, terrorists and drug dealers to launder nearly USD$16 billion over a six-year period would make earth underneath you shake. How is that the bank’s…